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89--- 102140
<br />Borrower and Lender covenant aid agree as Wows:
<br />I. That Borrower will pay the indebtednes>, as he :-einbefure
<br />provided. Privilege is reserved to pay the deb: in mi,dc or in part on
<br />any installment due date.
<br />2. That, together with, and in addition :o, the month ly payments
<br />of principal and interest payable under the terns of the note secured
<br />herebv, the Borrower will pay to the Lender. on the first day of each
<br />month until the said note is fully paid. the_ follow ing sums:
<br />(a) A sum equal to the ground renm if any, next due, plus the
<br />premiums that will next become due and payable on policies of fire
<br />and other hazal.i iu,u•j ace covering the property. plus taxes and
<br />assessments next due cu: the property tall as estimoted by the.!erdrr)
<br />less all sums already pa):.' taerefor divided by the number of months
<br />to elapse before one (I) month prior to the date when such ground
<br />rent, premiums, taxes rind assess^tems will become deliquent such
<br />sums to be held by Lender in tram to lay said ground rents.
<br />premiums, taxes and speaal s nes:mrnts. and
<br />(b) Ali payments mentioned in thr preceding subsection of this
<br />paragraph and all payments to be maM under thr -)te secured
<br />hereby shall be added together, and the aggregate amount thereof
<br />shall be paid by the Borrower each month in a single payment to be
<br />applied by the Lender to the following items in the order set forth:
<br />(1) ground rents, taxes, assessments, fire and other hazard insur-
<br />ance premiums:
<br />(11) interest on the note secured hereby;
<br />(111) amortization of the principal of said note; and
<br />(IV) late charges.
<br />Any deficiency in the amount of such aggregate monthly payment
<br />shall, unless m2de good by the Borrower prior to the due date of the
<br />next such payment, constitutc an event of default under this
<br />mortgage. The Lender may collect a "late charge" not to exceed four
<br />cents (4t:) for each dollar ($1) of each payment more than fifteen
<br />(15) days in arrears to cover the extra expense involved in handling
<br />delinquent payments.
<br />3. That if the total of the payments made by the Borrower under
<br />(a) of paragraph 2 preceding shall exceed the amount of payments
<br />actually made by the Len�er for ground rents, taxes and assessments
<br />or insurance premiums, as thy;. case may be, such exms, if the loan is
<br />current, at the option of the Bortw.yer, shall be credited by the
<br />Lender on subsequent payments to be made by the Borower, or
<br />refunded to the Borrower. If, however, the monthly payments made
<br />by the Borrower under (a) of paragraph 2 preceding shall not be
<br />sufficient to pay ground rents, taxes and assessments or insurance
<br />premiums, as the cas` may be. when the same shall become due and
<br />payable, then the Borrower shall pay to the !ender any amount
<br />necessary to make up the deficiency, on or before the date when
<br />payment of such ground rents, tuxes, assessments, or insurance
<br />premiums shall be due. If at any !imc the Borrower shall tender to
<br />the )ender, in accordance with th; provisions of the note secured
<br />hereby, full payment of the entire indebtedness -eprmnied thereby,
<br />the lender shall, in computing the amount of such indebtedness,
<br />credit to the account of the Borrower any balance remaining in the
<br />funds accumulated under the provisions of (a) of paragraph 2 hereof.
<br />If there shall be a default under any of the provisions of this
<br />instrument resulting in a public sale 0: he premises covered hereby.
<br />or if the lender acquires the propxty otherwise after deh.alt the
<br />Lender shall apply, xt the time of the commencement of such
<br />proceedings, or at the thm the property is otherwise acquired, the
<br />balance then remai -rug En the fords acc mulated under (a) of
<br />paragraph 2 pstcaittg, as a credit against the amount of principal
<br />then rcmaini:mg t ,paid under said note.
<br />4. That the Borrower will pay ground repts, taxes. a<•rssments,
<br />water rates. and other governmental or muaieipal chargm fines, or
<br />impositions, for Lhich provision has not been -Wade bereinbefore,
<br />and in default thcreef the Lender may pay the tame. and that the
<br />Its -rower will promptly deliver the offi6al roc rats thrnefor to the
<br />Lender.
<br />5. The Borrower will pry all taxes we: ^b may be levied upon the
<br />lender's interest in sail real estate and improverneatt. and which
<br />may be levied upon this instrument or the debt secured hereby (but
<br />only to the extent that such is not prohibited by law and only to the
<br />extent that such will not make this loan usurious), but excluding any
<br />income tax. State or Federal, imposed on Lender, and will file the
<br />official receipt showing such payment with the Lender. Upon
<br />violation of this undertaking., or is itiz R�.ott v is prohibited by any
<br />law now or hereafter existing from 'tying the whole or any portion
<br />of the aforesaid taxes, or upon the reniering of any court derret
<br />prohibiting the payment by the Borrower cf ally such taxes, or if
<br />such law or decree provides that any amount so paid by the
<br />Borrower shall be credited �in the debt, the lender shall have the
<br />right to give ninety days* written not. cc to the owner of the premises,
<br />requiring the payment of the debt. If such notice be given, the said
<br />debt shall become dux, payable and collectible at the expiration of
<br />said ninety days.
<br />6. That should the Borrower fail to pay any sum or keep any
<br />covenant provided for in this instrument, then the Lender, at its
<br />option, ma., pay or perform the same, and all expenditures so made
<br />shall be added to the principal sum owing on the said note, shall
<br />be secured hereby. and shall bear interest s u rate set forth in the
<br />said note, until paid.
<br />7. That the Borrower hereby assigns, transfers and w over to the
<br />Lender. to he applied toward the payment of the note and all sums
<br />secured hereby in case of a default in the performance of any of the
<br />terms and conditioas of this instrument or the said note, all the rents,
<br />revenues and income to be derived from the said premises during
<br />such time as the indebtedness shall remain unpaid, and the Lender
<br />shall have power to appoint any agent or agents it mazy desire for the
<br />purpose of repairing said premises and of renting; th!e same and
<br />collecting the rents, revenues and Li%.ome, and it may pi ; out of said
<br />incomes all expenses of repairing said premise.+ and ttr)CtCSarV
<br />commissions and expenses incurred ;n renting .and managing Cie
<br />same and of collecting rentals therefrom: the hAance remaining, if
<br />any. to be applied toward the discharge of said indebtedness
<br />8. That the Borrower will keep the improvements now existing or
<br />hereafter erected on the property. insured a, may be required from
<br />time to time by the Lender against loss by fire and other hazards,
<br />casualtits and contingencies in such amounts and fn: such periods as
<br />may be required by tote Lender and will pay ;premp ly, when due,
<br />any premiums on such insurance, provision for payri"! of which
<br />has not been made hercinbefore. All insurance shall be carried in
<br />compznies approved by the Lender and the policies and rcne eels
<br />thereof shall be held by the Lender and have at!ach ed thereto loss
<br />payable clauses in favor of and ir form accrpa:)le to the Lender. In
<br />Pace 2 of 5 HUD- 99743DT -1
<br />a,
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